7. Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7. Leases |
7. Leases
The Company’s portfolio of leases contains both finance and operating leases that relate to real estate agreements, vehicles and office equipment agreements.
Operating leases
Real estate agreements
The Company has several property lease agreements in Italy and Austria and one lease agreement in the U.S. which have terms in excess of a twelve month period, these property leases are for our administrative operations in these countries. The Company does not and does not intend to take ownership of the properties at the end of the lease term.
Vehicle agreements
The Company leases several vehicles for business use purposes, the terms of these leases range from twenty four to forty-eight months. The Company does not and does not intend to take ownership of the vehicles at the end of the lease term.
Finance Leases
Office equipment agreements
The Company has entered into several finance leases for office equipment, the term of these leases range from thirty-six to sixty months. The Company takes ownership of the office equipment at the end of the lease term.
Right of use assets
Right of use assets included in the condensed consolidated balance sheet are as follows:
Lease costs consists of the following:
Other lease information:
Maturity of Leases
Finance lease liability
The amount of future minimum lease payments under finance leases are as follows:
Operating lease liability
The amount of future minimum lease payments under operating leases are as follows:
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